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Once robbed of JPY 48.2 billion! Japanese exchange DMM announces direct bankruptcy, what should users do?
Formerly stolen 48.2 billion yen! DMM Bitcoin exchange announced closure.
Earlier reports of 'encryption City' stated that DMM Bitcoin, a cryptocurrency exchange under the Japanese DMM Group, was hacked at the end of May, resulting in a loss of approximately 48.2 billion yen (about 10 billion New Taiwan dollars) worth of Bitcoin. This case may be related to a North Korean hacker group.
After the incident, the authorities announced that they would raise 55 billion yen through financing and subordinated loans, and also submit an investigation report to the Financial Services Agency.
Even though some remedial measures were proposed, DMM Bitcoin ultimately abandoned the reorganization operation.
According to the Nikkei, DMM Bitcoin announced that it will close down, and it is expected that around March 2025, all user assets worth 96.2 billion yen will be transferred to SBI VC Trade exchange, which will pay 3 to 5 billion yen as consideration for the asset transfer.
It is understood that DMM Bitcoin has been awarded two licenses by the Kanto Financial Bureau to operate as a legally compliant exchange in Japan, with approximately 450,000 users. SBI VC Trade, a Cryptocurrency exchange under the Japanese SBI Group, currently has around 700,000 users. Through this acquisition decision, it will further expand its market size.
After being hacked on DMM exchange for a few months, DMM's subsidiary DMM Crypto also announced the closure of Block game platform Seamoon Protocol, and terminated the issuance plan of Cryptocurrency $SMP. Its game "Enterprise Girls RE:BLOOM" also ceased to exist, and another new work "KAMIYAGURA" announced that the issuance and listing time will be discussed again.
Image source: Shutterstock Japan's Cryptocurrency exchange DMM Bitcoin announced that it will close its business and cease operations.
Finance Department reveals two major oversights: Private Key only requires one signature.
When announcing the closure, the Japanese Financial Services Agency also revealed two business failures of DMM Bitcoin:
The Financial Services Agency pointed out that DMM Bitcoin has a significant failure in user asset security management. The official has promised that when assets need to be transferred from a cold wallet to a hot wallet, it requires the operation of two people together, but in fact, it is not the case. Only one person is responsible for signing the Private Key, instead of a multi-signature system, which does not follow the guidance principles of the Financial Services Agency.
What is even more worrying is that the upper echelons of DMM Bitcoin seem to be completely oblivious to the security risks.
The Financial Services Agency criticized that DMM Bitcoin lacks a dedicated top management for system management, and other top management also do not prioritize system risk management, lacking necessary awareness and discussion of the risk of encryption asset outflow. The company's internal control mechanism is almost nominal, and the authority of information security management is highly concentrated in the hands of a few. The independence of internal audit is non-existent.
According to the report of "East Asian Economy", a financial hall related person revealed that when inspecting the internal management of DMM Bitcoin, many loopholes were really found. DMM Group seems to just throw the problem to the management, and the management is too focused on operational efficiency, ignoring the basic security measures.
After the hacker incident, the DMM Group quickly adjusted its management. Currently, out of the 8 directors, 5 are new members who were transferred from the DMM Group after late June, including the CFO and CTO from DMM.com, and Matsuda Nobuki from DMM FinTech serving as the representative director.
Image source: The president of DMM Bitcoin, Mr. Taniguchi, criticized by the Japanese Financial Services Agency, has asset Private Key management and senior management issues at DMM Bitcoin.
The second largest hacking case since Coincheck, has the Japanese exchange not learned its lesson?
DMM Bitcoin, which previously promised to fully compensate users, has raised 55 billion yen through capital increase and borrowing in just a few months, to some extent alleviating users' losses and panic. Moreover, user funds will be smoothly transferred to SBI VC Trade in March 2025.
However, the hacking incident of DMM Bitcoin is the second major cryptocurrency exchange hacking case in Japan after the Coincheck incident. This inevitably raises questions for journalists at Toyo Keizai about whether Japanese exchange operators have learned any lessons.
Centralized exchanges carry risks, self-custody of assets is important.
For senior players in the currency circle, cases such as Mt.Gox, Coincheck, FTX, JPEX being hacked, suddenly closed, or experiencing a Rug Pull are still vivid in memory.
It has been 10 years since 2014, and there have still been occasional hacks and internal issues in centralized exchanges, these incidents repeatedly remind investors of the importance of self-custody of assets, because in the world of Cryptocurrency, Not your keys, not your coins.
Extended Reading: Be careful with Centralized Exchanges! Inventory of the top 10 exchange hacking cases, even Binance has been hacked?
What is a cold wallet? Comprehensive analysis of the functions and user guide of cold wallet
'Once stolen 48.2 billion yen! Japan's DMM exchange directly announced its closure, what should users do' This article was first published in 'encryption city'